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Cryptocurrencies Take Another Nosedive

March 15, 2018 at 14:20by K. Prabhu

The bear sentiment is again setting the tone on the market of cryptocurrencies. Digital currencies are trading at multi-week lows. Bitcoin dropped in value below $8,000. In the European market, the most popular digital currency was trading near $7,800 per token. Bitcoin shed 25%, following the news about Google's decision to crack down on cryptocurrencies. Yesterday, the world's largest advertisement provider announced that it would ban all cryptocurrency related content. The company adjusted its decision to the overall hardline policy which restricts advertising cryptocurrencies and other unregulated risky financial instruments. This move follows a similar ban by Facebook, imposed in January.

The second digital currency in terms of capitalization, Ethereum, slid 5%, to trade below $600 per coin. Ripple and Litecoin have also incurred losses. There is another weighty reason which dealt a blow the cryptocurrency market. During a hearing in the US Congress on Wednesday, policymakers expressed concern about cryptocurrencies. They shared the viewpoint that virtual coins are mostly used for money laundering, funding terrorism, and other criminal activities. Opponents of cryptocurrencies are rejoicing victory. They warned that the bubble on the cryptocurrency market was doomed to burst very soon.